Update 1: Here are a couple tweets later from @pod2g–iOS 5.0.1 will be supported, and we will find out about the iPhone 4S/iPad 2 once he gets his hands on one:
It seems like a great day for the jailbreak community. Earlier today, Dev-Team’s @MuscleNerd told us that the next RedSn0w update will support iOS 5.x downgrading with the help of offline SHSH blobs. Now, famous iOS hacker @Pod2g has just published a video on his YouTube channel demonstrating a successful iOS 5 untethered jailbreak. He announced the big release via twitter.
Except for the video, @Pod2g has not given much details about the untethered exploit. Also, there is no ETA as to when it will be released to public. We’ll definitely let you know once we know more about the exploit’s public release. Meanwhile, check out the video demo below: